Letter to the Council: Reform of the European Supervisory Authorities and financial consumer protection

We are writing to express serious concerns over the Council of the EU proposal for reforming the European Supervisory Authorities (ESAs) and urge you to grant them real power related to consumer protection. The ESAs are at the heart of the European System of Financial Supervision, which should help to ensure that EU citizens are able to safely consume financial products.

The ESAs must be given the tools, mandate and resources they need to put financial consumer protection first and to be effective. The debate around the review of the ESAs is not over taking powers away from the national level, it is about ensuring the ESAs can be effective at what they have been set up to do and where they are needed.